102. Additional payment for delayed refunds.-

(1)   Where a refund due, or deemed under sub-section (5) of section 99 to be due, to an assessee is not paid within three months of the date on which it becomes due, there shall be paid to the assessee, a further sum by way of compensation at the rate of fifteen per cent per annum of the amount of refund from the expiration of the said three months up to the date on which the refund order is made.

(2)   For the purposes of this section, a refund shall be deemed to have become due,-

(a)    in any case where the refund is required to be made in consequence of any order on an appeal or a revision or an appeal to the High Court or an appeal to the Supreme Court, on the date of receipt of such order by the Deputy Commissioner;

(b)    in any case to which sub-section (5) of section 99 applies, on the thirtieth day of June of the financial year next following the date on which the application for refund was made; and

(c)    in other cases, on the date on which the refund order is made.

(3)   In computing the period for which the further sum referred to in sub-section (1) is payable, the period for which the refund is withheld under section 103 shall be excluded.

(4)   Nothing contained in this section shall apply in any case where any refund becomes due as a result of an order on appeal, revision or reference setting aside the assessment.